ADEL INVEST: what changed
ADEL INVEST
Largest movements
- Cash -€41,319
down €41,319 (-78.1%), from €52,905 to €11,585
mainly Receivables within one year (-€34,243) and Tax, wage and social debts (-€6,768)
- Receivables within one year +€34,243
up €34,243 (+67.1%), from €51,031 to €85,275
of which Other amounts receivable: +€34,243
- Tax, wage and social debts -€6,768
down €6,768 (-89.2%), from €7,591 to €823
- Gross operating margin -€6,129
down €6,129 (-59.6%), from €10,290 to €4,161
- Financial income -€2,250
no longer reported in 2025 (was €2,250)
of which Financial income: -€2,250
- Taxes -€2,249
down €2,249 (-73.2%), from €3,072 to €823
- Depreciation +€741
up €741 (+35.4%), from €2,090 to €2,831
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,672 | €115,765 | -€5,907 | -4.9% |
| Fixed assets | 21/28 | €17,736 | €18,905 | +€1,169 | +6.6% |
| Tangible fixed assets | 22/27 | €17,736 | €18,905 | +€1,169 | +6.6% |
| Land and buildings | 22 | €16,227 | €14,327 | -€1,900 | -11.7% |
| Furniture and vehicles | 24 | €1,510 | €4,578 | +€3,069 | +203% |
| Current assets | 29/58 | €103,936 | €96,860 | -€7,076 | -6.8% |
| Amounts receivable within one year | 40/41 | €51,031 | €85,275 | +€34,243 | +67.1% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €51,031 | €85,275 | +€34,243 | +67.1% |
| Cash at bank and in hand | 54/58 | €52,905 | €11,585 | -€41,319 | -78.1% |
| Total equity and liabilities | 10/49 | €121,672 | €115,765 | -€5,907 | -4.9% |
| Equity | 10/15 | €114,081 | €114,543 | +€462 | +0.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,081 | €109,543 | +€462 | +0.4% |
| Amounts payable | 17/49 | €7,591 | €1,222 | -€6,369 | -83.9% |
| Amounts payable within one year | 42/48 | €7,591 | €1,222 | -€6,369 | -83.9% |
| Trade debts | 44 | €0 | €400 | +€400 | |
| Suppliers | 440/4 | €0 | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €7,591 | €823 | -€6,768 | -89.2% |
| Taxes | 450/3 | €7,591 | €823 | -€6,768 | -89.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,090 | €2,831 | +€741 | +35.4% |
| Gross operating margin | 9900 | €10,290 | €4,161 | -€6,129 | -59.6% |
| Operating profit (loss) | 9901 | €8,199 | €1,330 | -€6,870 | -83.8% |
| Financial income | 75/76B | €2,250 | - | -€2,250 | |
| Recurring financial income | 75 | €2,250 | - | -€2,250 | |
| Non-recurring financial income | 76B | €2,250 | - | -€2,250 | |
| Financial charges | 65/66B | €67 | €46 | -€22 | -32.1% |
| Recurring financial charges | 65 | €67 | €46 | -€22 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €10,382 | €1,284 | -€9,098 | -87.6% |
| Income taxes | 67/77 | €3,072 | €823 | -€2,249 | -73.2% |
| Profit (loss) for the period | 9904 | €7,310 | €462 | -€6,849 | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,310 | €462 | -€6,849 | -93.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.